Illegal inducement - Study guides, Class notes & Summaries

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: - I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: - Actual cash value When may an insured sue an insurance company? - Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? - Someone licensed in their state and obt...

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: Answer - I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: Answer - Actual cash value When may an insured sue an insurance company? Answer - Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? Answer - Someone l...

Utah Life Insurance Test Questions and Answers Already Passed Minimum Age to receive a license 18 Continuing Education Hours 24 Hours every 2 years (3 Hours must be in ethics) Insurer must respond to claimant communications within how many days? 15 days Commissioner Powers and duties include: Imposing penalties, including fines, suspensions, and revocations. All insurance forms (riders, policies, applications, endorsements, and contracts) must be filed and approved by the Commi...

NWM General Wisconsin Insurance Laws Questions and Answers 100% Pass What is coersion? A forceful act or threat aimed to influence a person to act against their will What is exempt? Not subject to an obligation What is an inducement? an offer that attmepts to influence the other party What is insolvent? Unable to meet financial obligations What is Lapse? A policy termination due to nonpayment of premium What is the NAIC? National Association of Insurance Commissioners Wh...

Idaho Real Estate Test Questions with Answers An agent unconditionally gave his buyer a new riding lawn mower after a transaction closed as a 'thank you'. This activity is A. OK B. Illegal C. Inappropriate D. Inducement - Answer-A. OK What is the maximum fine for an unlicensed person practicing real estate A. $5,000 B. $10,000 C. $15,000 D. $20,000 - Answer-A. $5,000 An active licensee buying or selling their own property must conduct all transactions through A. Cooperating ...

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: Answer - I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: Answer - Actual cash value When may an insured sue an insurance company? Answer - Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? Answer - Someone l...

Xcel Final Exam Questions and Answers Already Passed Typically, Long-Term Disability benefits are coordinated with which benefit plan? Social Security The focus of major medical insurance is providing coverage for medical and hospitalization expenses An insured under a Major Medical expense plan with a zero deductible and 80/20 coinsurance provision files a $1,000 claim. How much of this claim is the insured responsible for? $200 because this policy has a zero deductible, the i...

What amount will be paid under a policy where the insured misstated his/her age? an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days 30 days which of these is considered to be a Living benefit option in a life insurance policy Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy would not be trea...

Under Michigan law, which of the following would not be considered an illegal inducement A promotional item with the producers name and address valued at five dollars And insured dies from what appears to be accidental causes. When confirming the cause of death, which of these actions by the insured takes precedence? Autopsy The acceptance of a credit life application requires the submission of a certificate of insurance to the insured within blank days 30 Which of the following is not cov...

MI Insurance Exam Questions and Answers Rated A an insurance applicant with a below average likelihood of loss is typically considered to be Preferred Risk Tim is covered under a group plan and would like to change is group coverage to an individual policy with the name insurer because of employment termination. Which of these describes the change that will take place? Conversion Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit...